How to Buy Bitcoin In India: Quick Links
How To Buy Bitcoin In India 2018
- Buy Bitcoin on an Indian Bitcoin Exchange
- Buy Bitcoin from someone else in India
- Earn Bitcoin by mining
- Earn Free Bitcoins in India
- Get Paid in Bitcoin in India
Note: I am not a financial advisor, this isn’t investing advice. Bitcoin is subject to market risk therefore do proper research in the technology before investing in bitcoins.
Buy Bitcoins on an Indian Exchange
You can buy Bitcoin online in India using bank transfer, debit card or internet banking. India has quite a few exchanges where you can buy and sell Bitcoin, here were top 3 picks but now I have a new favorite: Koinex
The verification with Zebpay is supposed to take 3 days but mine was done in less than 12 hours.
The price on these exchanges is going to be higher than if you Google, “what is the price of Bitcoin” or if you go to a site like Coindesk. Bitcoins used to not be easily available in India and Indians can’t register or buy from the major exchanges like Coinbase hence there used to be a 7-12% markup on all the exchanges (which is gone now).
Recently I started using Koinex as well and I prefer it as it allows me to not only buy Bitcoin easily but also directly buy Ethereum, Litecoin, Ripple as well as Bitcoin Cash. Also if you check out Bitcoinrates.in you will see that Koinex often has the best rates out of all of the other exchanged mentioned previously.
Buy Bitcoin from someone else in India
Instead of buying from an exchange you can buy Bitcoin in India from someone else and pay them directly. The main factor when it comes to buying bitcoin this way is the issue of trust.
If you are buying Bitcoin from your friend who already has them it wouldn’t that big of an issue, but take extreme care if you are buying from an individual especially over the internet. The seller will demand the payment first and you would ask for the transfer of Bitcoin. Services like escrow can be useful here.
Sites like Local Bitcoins make this process a little more secure with reviews.
Earn Bitcoin in India by mining
Bitcoin and every cryptocurrency out there is decentralized hence the entire system is run on by computers all around the world called “miners”.
Bitcoin mining is a lot like a giant lottery where you compete with your mining hardware with everyone on the network to earn bitcoins. Each “miner” has an up-to-date copy of a given cryptocurrency ledger for redundancy and to ensure counterfeit value cannot be added to the system.
Mining Bitcoin requires a lot of upfront cost in hardware and recurring expenses in electricity and other factors, many people find mining other alt coins more profitable.
Earn Free Bitcoin in India
If you sign up on Zebpay and use my referral code “REF53571416” you will get free Bitcoins worth Rs100 and I will earn 0.1% of the Bitcoin you transact over the next year from Zebpay’s mining fees at no extra expense to you.
Each exchange has a program like this where you can refer people and earn a percentage of the mining fee. Unless you have a large platform like a blog, most of the time it isn’t worth it for most people.
If you go to Quora and search anything about “buying Bitcoin in India” half the people are giving advice on to get bitcoin so that people sign up with their referral codes and they earn bitcoins. I would recommend once you have an audience on the platform to use these referral programs whenever you recommend the service, however, don’t start spamming your referral code everything, it’s annoying and I doubt that’s a good ROI on the time spent.
Get Paid in Bitcoin In India
If you freelance or work online, you can get paid in Bitcoin if your clients agree to it. This is highly dependent on the work you do and the client-freelancer relationship. For example, a freelancer working on Upwork can’t really get paid in Bitcoin as he has to follow the rules of the platform.
Also if your client is traditional and doesn’t understand Bitcoin, it’ll be pretty hard to convince them. I personally pay all my employees in Crypto like Bitcoin Cash or Litecoin.
I personally also use Bitcoin as an alternative to Paypal and sometimes get paid in Bitcoin instead of Paypal. One great plus that used to exist in the past is that since Bitcoin were sold at a markup in India. If a client pays me 1000$ in Bitcoin, I end up getting around 1100$ in my bank account, so getting paid in Bitcoin gave me an instant raise of 17% as Paypal used to take 7% in fees and currency exchange rates, haha!
Sites like Coinify, and Invoiced.com let you invoice professionally in Bitcoin
How To Buy Bitcoin in India
So how do you personally Buy Bitcoins in India? Let me know in the comments below!